Democrats and their adopted Marxism idealogues are doubling down on extracting as much as possible from those who still have something to extract. After paying for their own children’s education, they want these same people to pay for everyone else’s children’s college through higher taxes and fees. They are floating proposals ranging from $10,000 reduction to 100% waiver of all student debt. The estimated $1,600,000,000,000 of outstanding debt is mostly held by, (guess who) YOU!
Starting in 1965, the federal government began to backstop college loans. That year, they became the guarantor and subsidizer of privately issued loans. Not happy with the lack of control over our lives, the Obama administration in 2008 concocted a house of cards outlook that actually showed providing direct loans would be a money maker for the feds. RIGHT! Federal held student loan debt began to explode going from $150,000,000,000 in 2009 to $1,000,000,000,000 in 2016 thanks to a provision in of all things, Obamacare. The connection of student debt to health care should be obvious to……who?
So once again, our astute federal government has taken over a private sector process and turned it into a loser. For that, we taxpayers who saved for our kids’ education get to pay twice. Going forward, the solution to this man-made problem is simple; forget loans altogether – just make it “free”. Free for who? Certainly not the taxpayers. Next up – Immigration Processing
Current Day Publius 